Microsoft (MSFT: Nasdaq) and the R3 Consortium, an innovation firm focused on building and empowering the next generation of global financial services technology, signed a strategic partnership to accelerate the use of distributed ledger technologies*, also known as blockchain, among R3 member banks and global financial markets.
R3 named Microsoft Azure the preferred cloud services provider for its R3 Lab and Research Center serving more than 40 member banks.
Under the terms of the deal, Microsoft will provide cloud-based tools, services and infrastructure for R3 lab locations around the world, as well as dedicated technical architects, project managers, lab assistants and support services to allow the firm’s labs to drive faster experimentation, provide technical agility and accelerate learning.
R3 and Consortium members will have access to Microsoft’s ecosystem of BaaS partners including Ethereum and ConsenSys, Ripple, Eris Industries, Coinprism, Factom, BitPay, Manifold Technology, AlphaPoint, IOTA, BlockApps STRATO, Tendermint LibraTax, and others that will aid in the development, testing and deployment of distributed ledger applications in cloud, hybrid and local environments.
Led by David Rutter, CEO, R3 is an innovation firm that leads a consortium partnership with over 40 of the world’s leading banks, to design and deliver advanced distributed ledger technologies, which enable enterprises and business network participants to complete financial transactions with greater speed, security, cost-efficiency and transparency relative to solutions currently used, to global financial markets.
Made up of financial industry veterans, technologists, and new tech entrepreneurs, bringing together expertise from electronic financial markets, cryptography and digital currencies, R3 operates in New York, London and San Francisco.